No. of Recommendations: 19
Valuation multiples were still highish at the start of the year compared with historical norms. There was no reason to expect a price rise in the first half, so we shouldn't be surprised that none appeared.
Business results have been fine, but sometimes it takes time for value to catch up with price. Valuation multiples seem still to be a bit higher than the 20 average, but no longer so much that it's noteworthy.
Have a gander at post 9402, and the thread it's in. A few folks lightening up at prices per B share in the $480s. Just under two years later, the price is $490, lower after counting inflation. No type of price prediction can ever be reliable, but on average higher valuations lead to low returns for a while and vice versa.
Jim